New York city and state are trying to get the Internal Revenue Service to approve tax-exempt financing for the Nets' new arena, but the IRS is resisting. The financing would save Ratner around $150 million on the $950 million cost of the arena which a city official described as "important to us". The official would not comment when asked if the city would make up the loss if the IRS balked.
- I.R.S. Could Crimp Bloomberg's Big Plans - Eliot Brown - New York Sun